Please do not waste my question! I am not sure what I am doing wrong.

Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 30,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 30,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date December 1, 2017 December 31, 2017 March 1, 2018 Spot Rate $ 4.80 4.90 5.05 Forward Rate (to March 1, 2018) $ 4.875 5.000 N/A Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31. a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency payable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. a-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on 2017 net income? a-3. What is the impact on 2018 net income? a-4. What is the impact on net income over the two accounting periods? b-1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for these transactions in U.S. dollars. b-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on net income in 2017 and in 2018? b-3. What is the impact on net income over the two accounting periods? Reg A1 Reg A2 to A4 Reg B1 Req B2 to B3 Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency payable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Show less No Date General Journal Credit Debit 144,000.00 1 12/01/2017 % Accounts receivable (K) Sales 144.000.00 12/01/2017 No journal entry required 12/31/2017 3.000.00 Accounts receivable (K) Foreign exchange gain 3.000.00 12/31/2017 X 3.676.12 Accumulated other comprehensive income Forward contract 3.676.12 12/31/2017 3.000.00 Loss on forward contract Accumulated other comprehensive income 3.000.00 12/31/2017 750.00 Accumulated other comprehensive income Premium revenue 750.00 03/01/2018 4,500.00 Accounts receivable (K) Foreign exchange gain 4.500.00 03/01/2018 X 1.573.88 Accumulated other comprehensive income Forward contract 1,573.88 9 03/01/2018 X 4.500.00 Loss on forward contract Accumulated other comprehensive income 4,500.00 10 03/01/2018 x 1,500.00 Accumulated other comprehensive income Premium revenue 1,500.00 11 03/01/2018 03/01/20 151,500.00 Foreign currency (K) Accounts receivable (K) 151.500.00 X 03/01/2018 Cash Forward contract Foreign currency (K) 146.250.00 5.250.00 X x 151,500.00 % Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Reg 81 Req B2 to B3 a-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on 2017 net income? a-3. What is the impact on 2018 net income? a-4.What is the impact on net income over the two accounting periods? (Do not round intermediate calculations. In case of negative impact on income, answer should be entered with a minus sign.) Show less A $ 144,750 % Impact on 2017 income Impact on 2018 income Impact on net income over 2017 and 2018 1,550 $ 146.250 X + Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Reg B1 Req B2 to B3 Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for these transactions in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Show less General Journal Credit No 1 Date 12/01/2017 Debit 144.000.00 X Accounts receivable (K) Sales 144.000.00 12/01/2017 No journal entry required 3 12/31/2017 $ 3.000.00 Accounts receivable (K) Foreign exchange gain 3,000.00 12/31/2017 X 3.676.12 X Loss on forward contract Forward contract 3.676.12 X 5 12/31/2017 $ 4,500.00 Accounts receivable (K) Foreign exchange gain 4.500.00 X 12/31/2017 X 1.573.88 X Loss on forward contract Forward contract 1.573.88 X 7 03/01/2018 X 151,500.00 X Foreign currency (K) Accounts receivable (K) 151,500.00 % 03/01/2018 x x 146.250.00 X 5.250.00 X Forward contract Foreign currency (K) 151,500.00 X Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req B2 to B3 b-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on net income in 2017 and in 2018? b-3. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations. Round your answers to 2 decimal places. In case of negative impact on income, answer should be entered with a minus sign.) Show less No No Impact on 2017 income Impact on 2018 income $143.323.88 % $ 1.428.12 Impact on net income over 2017 and 2018 S 144.750.00 X Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 30,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 30,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date December 1, 2017 December 31, 2017 March 1, 2018 Spot Rate $ 4.80 4.90 5.05 Forward Rate (to March 1, 2018) $ 4.875 5.000 N/A Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31. a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency payable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. a-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on 2017 net income? a-3. What is the impact on 2018 net income? a-4. What is the impact on net income over the two accounting periods? b-1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for these transactions in U.S. dollars. b-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on net income in 2017 and in 2018? b-3. What is the impact on net income over the two accounting periods? Reg A1 Reg A2 to A4 Reg B1 Req B2 to B3 Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency payable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Show less No Date General Journal Credit Debit 144,000.00 1 12/01/2017 % Accounts receivable (K) Sales 144.000.00 12/01/2017 No journal entry required 12/31/2017 3.000.00 Accounts receivable (K) Foreign exchange gain 3.000.00 12/31/2017 X 3.676.12 Accumulated other comprehensive income Forward contract 3.676.12 12/31/2017 3.000.00 Loss on forward contract Accumulated other comprehensive income 3.000.00 12/31/2017 750.00 Accumulated other comprehensive income Premium revenue 750.00 03/01/2018 4,500.00 Accounts receivable (K) Foreign exchange gain 4.500.00 03/01/2018 X 1.573.88 Accumulated other comprehensive income Forward contract 1,573.88 9 03/01/2018 X 4.500.00 Loss on forward contract Accumulated other comprehensive income 4,500.00 10 03/01/2018 x 1,500.00 Accumulated other comprehensive income Premium revenue 1,500.00 11 03/01/2018 03/01/20 151,500.00 Foreign currency (K) Accounts receivable (K) 151.500.00 X 03/01/2018 Cash Forward contract Foreign currency (K) 146.250.00 5.250.00 X x 151,500.00 % Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Reg 81 Req B2 to B3 a-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on 2017 net income? a-3. What is the impact on 2018 net income? a-4.What is the impact on net income over the two accounting periods? (Do not round intermediate calculations. In case of negative impact on income, answer should be entered with a minus sign.) Show less A $ 144,750 % Impact on 2017 income Impact on 2018 income Impact on net income over 2017 and 2018 1,550 $ 146.250 X + Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Reg B1 Req B2 to B3 Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for these transactions in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Show less General Journal Credit No 1 Date 12/01/2017 Debit 144.000.00 X Accounts receivable (K) Sales 144.000.00 12/01/2017 No journal entry required 3 12/31/2017 $ 3.000.00 Accounts receivable (K) Foreign exchange gain 3,000.00 12/31/2017 X 3.676.12 X Loss on forward contract Forward contract 3.676.12 X 5 12/31/2017 $ 4,500.00 Accounts receivable (K) Foreign exchange gain 4.500.00 X 12/31/2017 X 1.573.88 X Loss on forward contract Forward contract 1.573.88 X 7 03/01/2018 X 151,500.00 X Foreign currency (K) Accounts receivable (K) 151,500.00 % 03/01/2018 x x 146.250.00 X 5.250.00 X Forward contract Foreign currency (K) 151,500.00 X Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req B2 to B3 b-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on net income in 2017 and in 2018? b-3. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations. Round your answers to 2 decimal places. In case of negative impact on income, answer should be entered with a minus sign.) Show less No No Impact on 2017 income Impact on 2018 income $143.323.88 % $ 1.428.12 Impact on net income over 2017 and 2018 S 144.750.00 X